Litecoin (LTC) has drawn a lot of investors’ interest after it hit the headlines in December 2017.
After this, the cryptocurrency reached its record high of $375, an 8,200 percent increase, hitting a total LTC market cap to 19.5 billion.
Some investors are boasting to have it, while others have their regrets after seeing the 2018 failures. LTC has also lost its positions according to the Coinmarketcap.
With the latest crypto prices going down as the market news suggest, many have raised their concern on whether Litecoin will go up again or not?
If you too are looking for answers to these concerns, this article is for you.
But, before delving into the details, it's pertinent to know what exactly Litecoin is.
What is Litecoin?
For naive users, Litecoin is one of the most recognized cryptocurrencies in the whole market.
It is commonly known as silver crypto, while Bitcoin is gold.
Some of the new joiners of this market don't know that LTC is Bitcoin's fork.
LTC is also considered as one of the oldest digital currencies around the world.
Litecoin was founded by Charlie Lee in 2011. Lee was a Google engineer and designed Litecoin only for the purpose of crypto exchange.
He is an influential member and is still involved in the project and is managing director of the Litecoin foundation.
This is a team which works to enhance the market value and proposition for long term projects.
The total LTC supply available at the time of its creation was 84 million coins.
Today, its price is 72.70 USD and the total available coins in circulation are 63,715,794 LTC.
Like Bitcoin, Litecoin is also a cryptocurrency so the possibility of growth is already with it.
From its birth to today, Litecoin has maintained its place in the crypto market and influenced people to have long term financial benefits.
Predicting Litecoin in 2021 can be a daunting task, but if Litecoin can break above and hold its long term downstream flow, then it would indeed be its prime touch.
The maximum number, however, is likely to remain below $300 for this time.
In 2025, the long-term pitchfork channel could result and eventually go over the price of $10000 per LTC token.
It would make it a flourishing digital pass and put the total asset to the silver cap.
Litecoin vs Bitcoin
Here, we are going to draw some comparison between different properties such as market capitalization, distribution, transaction speed and the algorithm of Bitcoin and Litecoin.
The area in which Litecoin and Bitcoin differ is the market capitalization.
As per 2020 data and Statistics, the total value of all Bitcoin in circulation is below $128 billion, which is regarded as 45 times larger than Litecoin.
As mentioned, Bitcoin is more extensive than Litecoin because it is the largest existing digital marketing currency.
Another difference comes in total distribution, and the number of coins both currencies can produce.
In this category, Litecoin exceeds significantly from Bitcoin.
Bitcoin can never exceed the limit of 21 million. Whereas Litecoin can accommodate up to 84 million coins.
Both currencies can be divisible into nearly one hundred millionth values which means, everyone can have a price of a share in their kit.
The other difference comes in transaction speed of both currencies. Although the transaction is made technically, there is a time required to reach the other recipient.
Both Litecoin and Bitcoin require time for the payment to receive the other participant network. This is where the difference comes.
Litecoin was established with the aim of faster transaction speed, and that has resulted as an advantage for this digital marketing currency.
According to the data and statistics from block.chain.info, the average transaction networking speed of bitcoin estimated is 9 minutes.
This is the period which takes for a block to be verified and then added towards the blockchain.
The equivalent figure for the Litecoin estimated is 2.5 minutes which makes it a lot better in terms of transaction speed.
The difference is confirmation time makes the litecoin more attractive for the merchants and its sharers.
For example, if a merchant wants to sell a product through bitcoin, he needs to wait 4x longer compared to Litecoin.
The main difference which has been there for years between Litecoin and Bitcoin is the algorithm network which both apply for.
At the same time, Bitcoin makes use of the prominent and secure longstanding SHA-256 algorithm.
In contrast, Litecoin uses a new version of the algorithm, which is termed as Scrypt, and it is a comparatively new algorithm network.
The main difference between the two algorithms comes in the mining process of both currency coins.
In Litecoin, the transaction requires some serious substantial mining power.
In contrast, a Bitcoin transaction is easier.
Which is better?
The longstanding SHA-256 algorithm is considered as more prominent and generally a more complex algorithm than the Scrypt.
It also provides a greater degree of processing transaction averages.
The bitcoin miners have adopted some better versions and methods for mining the coins.
The most secure and standard mining method is the use of applicable Specific integrated Circuits which makes it a worthwhile and rewarding way.
The practical set back or consequence results in the pressure bitcoin mining. This is not possible for individual users as you need to join a mining pool for that purpose.
On the other hand, Scrypt was designed and originated as a less complicated and susceptible kind of custom hardware.
It was termed as solution employed by the ASIC-based mining which can be used for individual or the mining pool.
This means the Scrypt based cryptocurrency such as Litecoin is more accessible for the user who wants to use it as a networking option too.
A fair and reasonable portion of mining is still done via the CPU and GPU. This means the dream of easy mining method of Litecoin is still under consideration through Scrypt.
The other difference between Bitcoin and Litecoin results in the scalability of both currencies.
Previously, the transaction fees of bitcoin were equal, and many times went lower to the costs of Litecoin too.
However, with the growing popularity of Bitcoin and thousands of new merchants, the transaction fees of both currencies have divided to a much extent.
With more users, Bitcoin has struggled with scalability or the ability to handle several transactions at one interval.
While on other hand, Litecoin can support a better system of multiple trades at once with lower fees too.
However, it does not make sense comparing the scalability of both currencies as both have different market capitalization and the number of users as compared to bitcoin.
Litecoin is sometimes referred to as the test net for bitcoin improvement and learning.
The last comparison between Bitcoin and Litecoin is in the hash rate of both digital currencies.
The network hash rate is the number of total mining power in respect to the mining network and users.
Moreover, the higher the hash rate, the more complex and better the marketing network is.
With high quality, the system can have more resistant to 51% problems and bugs.
As known, Litecoin is less profitable in terms of bitcoin, so it has a less hash rate too.
Also, the hash rate of the Litecoin is decreasing. However, the hash rate of bitcoin is increasing consistently due to its market value and prominent popularity.
LTC Historical Prices
Litecoin Price Prediction in 2021
Predicting Litecoin prices in 2021 can be difficult as it can break above and hold its long term downstream flow, then it would indeed be its prime touch.
The maximum number is likely to remain below $300 for this time.
Litecoin Price Prediction in 2025
In 2025, the long-term pitchfork channel could result and eventually go over the price of $10,000 per LTC token.
It would make it a flourishing digital pass and put the total asset to the silver cap.
The merchant is having a close eye as this could be a better and secure investment for the upcoming future.
Is Litecoin a Good Investment?
As compared to the price prediction for Litecoin in future, it looks to be a good investment to have for long-term investors.
Litecoin is one of the ten best cryptocurrencies in terms of a market cap which gives it an added value for a long time.
Litecoin has an incredible transaction speed.
It's a faster solution for having traded on digital currencies.
With tactics and future consideration, Litecoin could become a good investment.
In conclusion, Bitcoin and Litecoin are compared to gold and silver currencies, but history has shown that the status quo in this trading field can change in just months.
It can retain a significant position in future, and the price prediction trend has shown that for the upcoming five to ten years.
Litecoin has emerged his place in the crypto market and influenced people to have long term financial benefits.
The differences between both the currencies were demonstrated. It looks that Litecoin has proved superiority in some fields like transaction speed and distribution by accommodating 84 million coins.
It may not be evident now, but the future is bright for Litecoin.
So, if you are thinking to invest some money for a longer-term of 5 to 10 years, Litecoin should be considered as on of the top cryptocurrency options.
Litecoin may never pass Bitcoin in price, but there is significant potential here as a good long-term investment.
Author: Guest Post